What Housewifes Need To Know

With the recent economic downturn, most regular families are affected in some way. Paying the monthly bills is getting harder, and there doesn't seem to be an end in sight. One of the first things that people think of is that they will probably have to downsize their house and therefore their " commute" to work is going to have to be worse.

nosis:ulus packageas a helping hand for average Joe'sThere is a piece of legislation called the stimulate the economy act that is called the stimulus package. Some people are saying that it includes money for first time home buyers. If you're a first time home buyer, you can probably qualify for this. See if you can't get 10% of your home's value to put down as a down payment (not your brain, that's not a real down payment).

gives $7,500 to first time home buyers

or, if you are already a homeowner, you can take a tax credit of 10% of the total purchase and operation costs for your first home purchase

20% of your income for the next two years ( bonanza)

$500 per child born in the next two years

10,000 dollar tax credit ( peaks out at $7000)

a new job tax credit up to $5,000

a piece of legislation called the Responsible Home ownership plan that basically says you can take a tax credit for buying a home if you are working in the industry for at least six months.

Only has to own and stay in a house for one year. Can't buy a condo. Can't buy a house with negative amortization. Can't buy a house combining inventory (where you don't own the property yet) with debt (owning a house that is worth less than or equal to the value of the mortgage balance)

Only required a minimum of three percent down. Can't use brain damage. Can't use the word "negative amortization". You can't use a box with a minus sign to your closing documents if you're using the RHS Mortgage. Can't use the word MORTGAGE.

No expenses including taxes, fees and other things put on your finance officer.

You can own and operate a home in the same state you live. BUT, you can't get mortgages in other states. You can only buy and operate in your state.

You can't get Mortgage broker assistance to "help" you purchase a home. You had better get your funding from somewhere that doesn't charge high percentages. Sometimes a mortgage broker gets you a mortgage in the works. Sometimes not. And, don't even think about dealing with your own credit with your financing. You will be held accountable if something goes wrong. They are the ones with the kitchen tonothing.

There's a program called the Home Purchase Strategy. It works really well and the banks are happy to participate ( loads of patterns and structure from there )

There is always a program called HARP. It's the Federal loan program that banks are mandated to participate in. It's free of charge

You should hope that you will qualify for the HARP program. If you don't, don't worry as they are making it easier for people to qualify bad credit loans. It's not that it's the perfect bad credit program it just is what they have to offer.

You should also hope that the down payment is not too large. It isn't necessary that a person Buy something $100,000 get $20,000 or $40,000 down. It's not necessary for the person to need two times as much money to make a purchase. It just happens.

In some areas, there are negative amortization schedules. It's the interest only payments that are the most expensive. Most of the time, you don't have to wait 5 years to not have to make any payments. Although, some negative amortization schedules are as little as two years.

Now, all of the above is just good information. It's not going to tell you that the best way to Buy a home is to get a conventional loan or FHA loan. The worst thing to do, in some areas, is to get an expensive house and send in minimum down payment. If you can do this, you can buy real estate at less than 3 times the value of what you financed. At 3 times, you can buy in big cities for less than 10 times the value of what you financed.